00015221182012-01-012012-06-3000015221182012-06-3000015221182012-04-012012-06-3000015221182011-12-31iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesArtemis Acquisition Corp.000152211810-Q2012-06-30false--12-31NoNoYesSmaller Reporting CompanyQ22012313900000000003139313900.00012000000000.00015000000003139000031390000003139031390-31390-0.000103139000031390000-3139-31390313931390-3139<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Basis
of Presentation </b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in
the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted
in the United States of America for complete financial statements. In the opinion of management, quarterly results include all
adjustments (consisting of only normal recurring adjustments) that the Company considers necessary for a fair presentation of
such information for interim periods.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Artemis
Acquisition Corporation (the &#147;Company&#148;) has not earned any revenue from operations. Accordingly, the Company&#146;s
activities have been accounted for as those of a Development Stage Company. The Company is in the process of searching for target
companies to acquire. The Company&#146;s financial statements are prepared using the accrual method of accounting.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-indent: -9pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
<p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Use
of Estimates</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
<p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cash
and Cash Equivalents </b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">For
purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with a maturity of three
months or less to be cash equivalents.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
<p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Basic
Earnings (Loss) Per Share</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Basic
net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding.
Diluted earnings per share are the same as basic earnings per share due to the Company&#146;s operating loss.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
<p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Stock-based
Compensation</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
Company recognizes the services received or goods acquired in a share-based payment transaction as services are received or when
it obtains the goods as an increase in equity or a liability, depending on whether the instruments granted satisfy the equity
or liability classification criteria.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -20pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">A
share-based payment transaction with employees is measured based on the fair value (or, in some cases, a calculated or intrinsic
value) of the equity instrument issued. If the fair value of goods or services received in a share-based payment with non-employees
is more reliably measurable than the fair value of the equity instrument issued, the fair value of the goods or services received
shall be used to measure the transaction. Conversely, if the fair value of the equity instruments issued in a share-based payment
transaction with non-employees is more reliably measurable than the fair value of the consideration received, the transaction
is measured at the fair value of the equity instruments issued.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;<b>&#160;</b></font></p>
<p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Income
Taxes</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif; color: black">Income
taxes are provided for by the liability method. A deferred tax asset or liability is recorded for all temporary differences between
financial and tax reporting as well as net operating loss carryforwards. Deferred tax expense (benefit) results from the net change
during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation</font> allowance when,
in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will not be realized.
Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. There
were no current or deferred income tax expenses or benefits due to the Company not having any material operations for the period
ended June 30, 2012.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -20pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
<p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Recently
Adopted Accounting Guidance </b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">In
the normal course of business, Management evaluates all new accounting pronouncements issued by the Financial Accounting Standards
Board (&#147;FASB&#148;), Securities and Exchange Commission (&#147;SEC&#148;), Emerging Issues <font style="color: windowtext">Task
Force</font> (&#147;EITF&#148;), American Institute of Certified Public Accountants (&#147;AICPA&#148;) or other authoritative
accounting body to determine the potential impact they may have on our Financial Statements. Based upon this review, Management
does not expect any of the recently issued accounting pronouncements which have not already been adopted by the Company to have
a material impact on our Financial Statements.</font></p>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Basis
of Presentation </b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in
the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted
in the United States of America for complete financial statements. In the opinion of management, quarterly results include all
adjustments (consisting of only normal recurring adjustments) that the Company considers necessary for a fair presentation of
such information for interim periods.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Artemis
Acquisition Corporation (the &#147;Company&#148;) has not earned any revenue from operations. Accordingly, the Company&#146;s
activities have been accounted for as those of a Development Stage Company. The Company is in the process of searching for target
companies to acquire. The Company&#146;s financial statements are prepared using the accrual method of accounting.</font></p><p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Use
of Estimates</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates.</font></p><p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cash
and Cash Equivalents </b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">For
purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with a maturity of three
months or less to be cash equivalents.</font></p><p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Basic
Earnings (Loss) Per Share</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Basic
net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding.
Diluted earnings per share are the same as basic earnings per share due to the Company&#146;s operating loss.</font></p><p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Stock-based
Compensation</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
Company recognizes the services received or goods acquired in a share-based payment transaction as services are received or when
it obtains the goods as an increase in equity or a liability, depending on whether the instruments granted satisfy the equity
or liability classification criteria.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -20pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">A
share-based payment transaction with employees is measured based on the fair value (or, in some cases, a calculated or intrinsic
value) of the equity instrument issued. If the fair value of goods or services received in a share-based payment with non-employees
is more reliably measurable than the fair value of the equity instrument issued, the fair value of the goods or services received
shall be used to measure the transaction. Conversely, if the fair value of the equity instruments issued in a share-based payment
transaction with non-employees is more reliably measurable than the fair value of the consideration received, the transaction
is measured at the fair value of the equity instruments issued.</font></p><p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Income
Taxes</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif; color: black">Income
taxes are provided for by the liability method. A deferred tax asset or liability is recorded for all temporary differences between
financial and tax reporting as well as net operating loss carryforwards. Deferred tax expense (benefit) results from the net change
during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation</font> allowance when,
in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will not be realized.
Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. There
were no current or deferred income tax expenses or benefits due to the Company not having any material operations for the period
ended June 30, 2012.</p><p style="font: 8pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Recently
Adopted Accounting Guidance </b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">In
the normal course of business, Management evaluates all new accounting pronouncements issued by the Financial Accounting Standards
Board (&#147;FASB&#148;), Securities and Exchange Commission (&#147;SEC&#148;), Emerging Issues <font style="color: windowtext">Task
Force</font> (&#147;EITF&#148;), American Institute of Certified Public Accountants (&#147;AICPA&#148;) or other authoritative
accounting body to determine the potential impact they may have on our Financial Statements. Based upon this review, Management
does not expect any of the recently issued accounting pronouncements which have not already been adopted by the Company to have
a material impact on our Financial Statements.</font></p><p style="margin: 0pt 0pt 0pt -20pt; font: 8pt Times New Roman, Times, Serif"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Upon
formation, the Board of Directors issued 31,390,000 shares of common stock to the founding shareholder in exchange for incorporation
fees of $89, annual resident agent fees in the State of Delaware for $50, and developing the Company&#146;s business concept and
plan valued at $3,000 to a total sum of $3,139.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
stockholders&#146; equity section of the Company contains the following classes of capital stock as of June 30, 2012:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0.5in; padding-left: -10pt; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; padding-left: -10pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="padding-left: -10pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Common
stock,
$
0.0001
par
value:
500,000,000
shares
authorized;
31,390,000
shares
issued
and
outstanding</font></td></tr></table>
<p style="margin-top: 0; margin-bottom: 6pt; margin-left: -20pt; text-indent: 20pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0.5in; padding-left: -10pt; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 0.25in; padding-left: -10pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="padding-left: -10pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Preferred
stock,
$
0.0001
par
value:
20,000,000
shares
authorized;
no
shares
issued
and
outstanding</font></td></tr></table>
<p style="margin: 0pt 0pt 0pt -20pt; font: 8pt Times New Roman, Times, Serif"></p>